India is set to become a major hub for the production as well as the processing of lab-grown diamonds and already accounts for about a quarter of global lab-grown diamond output, according to figures from Bain and Co. referenced in a statement issued by India’s Gem and Jewellery Export Promotion Council (GJEPC) this week.

China ranks first in lab-grown diamond production, with an output of 3 million carats (according to Bain cited by India’s Economic Times), with India second, producing 1.5 million carats in 2020. But India’s lab-grown diamond business is growing fast. Last year, exports of India’s polished lab-grown diamonds grew 55 percent compared with a year earlier.

Global growth for the synthetic diamond market is expected to average 8.11 percent for the five years to 2024, while lab-grown diamonds are expected to account for 10 percent of the worldwide diamond market by 2030.